TIDM89FF
RNS Number : 7594Z
BP Capital Markets PLC
17 May 2023
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA).
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO
ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS
TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN
ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA
ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF
COLUMBIA (the United States) OR IN OR INTO ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS
ANNOUNCEMENT.
BP Capital Markets p.l.c. announces final results of its tender
offers for certain series of its Euro denominated Notes
17 May 2023.
On 9 May 2023, BP Capital Markets p.l.c. (the Offeror) announced
separate invitations to holders of its outstanding (i)
EUR1,000,000,000 1.876 per cent. Guaranteed Notes due 2024 (ISIN:
XS2135797202) (the April 2024 Notes); (ii) EUR1,000,000,000 0.900
per cent. Guaranteed Notes due 2024 (ISIN: XS1851277969) (the July
2024 Notes); (iii) EUR850,000,000 0.830 per cent. Guaranteed Notes
due 2024 (ISIN: XS1492671158) (the September 2024 Notes); (iv)
EUR750,000,000 1.953 per cent. Guaranteed Notes due 2025 (ISIN:
XS1375957294) (the March 2025 Notes); (v) EUR850,000,000 1.077 per
cent. Guaranteed Notes due 2025 (ISIN: XS1637863629) (the June 2025
Notes); (vi) EUR1,000,000,000 2.972 per cent. Guaranteed Notes due
2026 (ISIN: XS1040506898) (the February 2026 Notes); (vii)
EUR850,000,000 2.213 per cent. Guaranteed Notes due 2026 (ISIN:
XS1114473579) (the September 2026 Notes); (viii) EUR1,250,000,000
1.573 per cent. Guaranteed Notes due 2027 (ISIN: XS1190974011) (the
February 2027 Notes); (ix) EUR1,100,000,000 0.831 per cent.
Guaranteed Notes due 2027 (ISIN: XS1992931508) (the November 2027
Notes); and (x) EUR900,000,000 1.594 per cent. Guaranteed Notes due
2028 (ISIN: XS1851278777) (the 2028 Notes and, together with the
April 2024 Notes, the July 2024 Notes, the September 2024 Notes,
the March 2025 Notes, the June 2025 Notes, the February 2026 Notes,
the September 2026 Notes, the February 2027 Notes and the November
2027 Notes, the Notes and each a Series) , each guaranteed by BP
p.l.c. (the Parent), to tender their Notes for purchase by the
Offeror for cash (each such invitation an Offer and together the
Offers).
The Offers expired at 4.00 p.m. (London time) on 16 May 2023
(the Expiration Deadline) and the Offeror now announces the final
results of the Offers.
The Offers were made on the terms and subject to the conditions
contained in the tender offer memorandum dated 9 May 2023 (the
Tender Offer Memorandum) prepared by the Offeror. Capitalised terms
used in this announcement but not defined have the meanings given
to them in the Tender Offer Memorandum.
Series Acceptance Amounts
The Offeror announces that it has decided to accept all valid
tenders of April 2024 Notes, March 2025 Notes, June 2025 Notes,
February 2026 Notes, February 2027 Notes and November 2027 Notes
pursuant to the relevant Offers and each Series Acceptance Amount
will be as set out in the table below.
No July 2024 Notes, September 2024 Notes, September 2026 Notes
or 2028 Notes will be accepted for purchase pursuant to the
relevant Offers.
Pricing and Settlement
Pricing for the Fixed Purchase Spread Notes took place at or
around 11.00 a.m. (London time).
A summary of the final pricing for, and results of, the Offers
appears below:
Outstanding
Priority Series Acceptance Benchmark Purchase Purchase Purchase nominal amount
Level Notes Amount Rate Spread Yield Price post settlement
--------- ------------ ------------------ ---------- --------- ----------- ----------- -----------------
April 2024 98.850
1 Notes EUR426,689,000 N/A N/A N/A per cent. EUR573,311,000
March 2025 3.501 per 3.051 98.111
1 Notes EUR269,805,000 cent. -45 bps per cent. per cent. EUR480,195,000
June 2025 3.400 per 3.000 96.133
1 Notes EUR35,941,000 cent. -40 bps per cent. per cent. EUR428,574,000
February 3.088 per 3.238 94.206
1 2027 Notes EUR347,168,000 cent. 15 bps per cent. per cent. EUR902,832,000
November 3.028 per 3.178 90.351
1 2027 Notes EUR86,353,000 cent. 15 bps per cent. per cent. EUR394,867,000
July 2024
2 Notes EUR0 N/A N/A N/A N/A EUR329,488,000
September
2 2024 Notes EUR0 N/A N/A N/A N/A EUR430,677,000
February 3.235 per 3.135 99.565
2 2026 Notes EUR369,503,000 cent. -10 bps per cent. per cent. EUR630,497,000
September
2 2026 Notes EUR0 N/A N/A N/A N/A EUR850,000,000
2 2028 Notes EUR0 N/A N/A N/A N/A EUR567,676,000
The Offeror will also pay an Accrued Interest Payment in respect
of Notes accepted for purchase pursuant to the relevant Offers.
The Settlement Date in respect of any Notes accepted for
purchase pursuant to the relevant Offers is expected to be 19 May
2023. All Notes purchased pursuant to the relevant Offers will be
cancelled.
Barclays Bank PLC (Telephone: +44 20 3134 8515 ; Attention:
Liability Management Group; Email: eu.lm@barclays.com) and Standard
Chartered Bank (Telephone: +44 20 7885 5739 ; Attention: Liability
Management; Email: liability_management@sc.com ) are acting as
Dealer Managers for the Offers.
Kroll Issuer Services Limited (Telephone: +44 20 7704 0880;
Attention: Arlind Bytyqi; Email: bp@is.kroll.com) is acting as
Tender Agent for the Offers
This announcement is released by the Offeror and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the EUWA (UK MAR), encompassing information relating to
the Offers described above. For the purposes of UK MAR and the
Implementing Technical Standards, this announcement is made by Gary
Admans, Head of Capital Markets at the Parent .
LEI Number: 549300CRVT18MXX0AG93
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. The
distribution of this announcement and the Tender Offer Memorandum
in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement and/or the Tender Offer
Memorandum come(s) are required by each of the Offeror, the Parent,
the Dealer Managers and the Tender Agent to inform themselves
about, and to observe, any such restrictions.
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END
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